- Private bank Hauck & Aufhäuser expands its product offering to include higher yield deposits from third-party banks across Europe
- Cooperation with Hauck & Aufhäuser is Raisin’s first partnership in private banking sector
Private banking clients at Germany’s Bankhaus Hauck & Aufhäuser can now access competitive third-party deposit products through a partnership with fintech Raisin’s German deposits platform (www.WeltSparen.de). By integrating savings products from a selection of Raisin’s partner banks into its product portfolio, Hauck & Aufhäuser is affording its customers higher yield alternatives for their cash deposits.
As interest rates sink toward zero, and even below it at a number of western European banks, providing easy online access to more competitive rates is a core element of Raisin’s business model. Today for the first time, the fintech launches a cooperation with a private bank, whose clients can now invest up to single-digit million euro amounts in guaranteed deposits. Hauck & Aufhäuser customers wishing to invest in Raisin deposits will be assisted personally by their advisor at the bank. All Raisin savings products are protected by their respective national deposit guarantee schemes in accordance with European Union’s guidelines, up to 100,000 EUR per customer per bank. In addition, the voluntary deposit protection fund of the Association of German Banks (Bundesverband Deutscher Banken e.V.) applies to select German third-party banks.
The cooperation initially comprises overnight and term deposits with shorter maturities from third-party banks in Germany and other European countries. Using their personal advisor to place orders, Hauck & Aufhäuser clients can open Raisin accounts directly without extra registration or identification. The bank’s client advisors execute orders with a unique software solution built by Raisin.
Dr. Holger Sepp, member of the Management Board, is responsible for private banking at Hauck & Aufhäuser: “The cooperation with deposits marketplace Raisin offers our customers another opportunity to achieve an interest rate on their liquidity holdings well above market average. It was important to us that the integration of this partner offering be simple and intuitive, and that we give our customers a familiar experience, all from a single source.”
Raisin CEO and co-founder Dr. Tamaz Georgadze concurred: “Our vision is to provide investors with simple, high-yield, cross-border deposit products. Through the partnership with Hauck & Aufhäuser, private banking clients will ultimately be able to access our marketplace without leaving the banking infrastructure they’re used to. There is no easier or more effective way to open the door to the better interest rates on the European deposits market.”
About Hauck & Aufhäuser
Private bank Hauck & Aufhäuser is one of the oldest financial institutions in Germany. Today’s bank was created through the merger of two traditional private banks: Georg Hauck & Sohn Bankiers of Frankfurt am Main, founded in 1796, and Bankhaus H. Aufhäuser, founded in Munich in 1870. The two banks merged in 1998. The bank’s Board of Managing Directors consists of Michael Bentlage, Chairman, and members Dr. Holger Sepp and Robert Sprogies. Hauck & Aufhäuser has evolved to be both traditional and at the same time a modern private bank.
With offices in Frankfurt am Main, Munich, Hamburg, Düsseldorf and Cologne, the bank concentrates on comprehensive advisory services and asset management for private and corporate clients as well as for institutional investors, comprehensive fund services for financial and real assets in Germany, Luxembourg and Ireland, and cooperation with independent asset managers. In addition, the bank offers research, sales and trading activities specialising in small and mid-cap companies in German-speaking countries as well as individual services for IPOs and capital increases.
A trailblazer for open banking and the leading pan-European one-stop shop for online savings and investments, Berlin-based fintech Raisin was founded in 2012 by Dr. Tamaz Georgadze (CEO), Dr. Frank Freund (CFO) and Michael Stephan (COO). Raisin’s platforms — under the brand WeltSparen in the German-speaking world — are breaking down barriers to better savings for European consumers and SMEs: Raisin’s marketplace offers simple access at no charge to attractive and guaranteed deposit products from all over Europe, as well as globally diversified, cost-effective ETF portfolios and pension products (currently available in Germany). With one online registration, customers can choose from all available investments and subsequently manage their accounts. Since launch in 2013, Raisin has placed 21 billion EUR for more than 240,000 customers in 28+ European countries and 90 partner banks. Raisin was named to Europe’s top 5 fintechs by the renowned FinTech50 awards and is backed by prestigious European and American investors such as btov Ventures, Goldman Sachs, PayPal Ventures, Thrive Capital, Index Ventures, Orange Digital Ventures and Ribbit Capital. Raisin UK in Manchester, banking-as-a-service provider Raisin Bank in Frankfurt, pensions specialist fairr, and Raisin Technology (formerly Choice Financial Solutions) all belong to Raisin.
Press contact Hauck & Aufhäuser
Hauck & Aufhäuser Privatbankiers AG
T +49 (0)89/2393-2111
Press contact Raisin
T +49 (0)160 218 65 24